Payroll & HR solutions & services market report provides analysis for the period 2016 – 2026, wherein the period from 2018-2026 is forecast period and 2017 as base year. The report covers all the major trends and technologies playing an influential role in the market’s growth over the forecast period. It also highlights the drivers, restraints, and opportunities for the analysis of market growth during the said period. The study provides a complete perspective on the evolution of the global payroll & HR solutions & services market in terms of revenue over USD 43,430 million, expanding with a CAGR over 9.5% during the forecast period.

The market overview section of the report demonstrates market dynamics such as drivers, restraints, and opportunities that talks about the current nature and future scenario of the said market, key market indicators, end-user adoption analysis. Further, key market indicators included in the report provide the significant factors which are capable to define the market position of payroll & HR product.

On the basis of deployment, the market is segmented into cloud, on premise, and hybrid. Based on enterprise size, the payroll & HR solutions & services market is divided into small & medium enterprises and large enterprises. Based on solution, the market is categorized into software and services. The software segment is further fragmented into suite and standalone. The standalone sub segment is classified into payroll and compensation management, time and attendance management, compliance management, workforce management, claims administration, employee benefits management, hire management and others (tax management, report generation, etc. On the basis of industry vertical, the payroll & HR solutions & services market is divided into banking, financial services, and insurance (BFSI), government, healthcare, manufacturing, retail, telecom and IT, transportation and logistics, and others. The report covers the analysis of these segments across North America, Europe, Asia Pacific, Middle East & Africa, and South America, along with the qualitative analysis for market estimates supplementing the growth of the payroll & HR solutions & services market during the forecast period.

The report also highlights the competitive landscape of the global payroll & HR solutions & services market, positioning all the major players according to their presence in different regions of the world and recent key developments initiated by them in the industry.

Research Methodology

Extensive secondary research was conducted using paid data sources including Bloomberg, Factiva, Capital IQ, OneSource, and Hoovers. Additionally, several publicly-available data sources were used including journals, statistics articles, and industry associations. These data sources were used to gather relevant information to develop an understanding on the global aerosol market. The research was conducted covering the desk research and primary research. Data sources used for primary research included online forums and blogs, CATI/CAWI, CAPI interviews, and video conferences. Additionally, interviews were conducted through connecting with various industry respondents including C-level executives, directors, divisional heads, regional heads, expert consultants, and independent consultants. The primary research was conducted to gain market insights from industry respondents and validate the gathered information through desk research.

Payroll & HR solutions & services market is valued over USD 21 Million in 2017 and it is expected to reach around USD 43,439 Million at 2026, expanding with a CAGR over 9.5% during the forecast period.

The increase in complexities payroll system due to government rules and regulations requires an efficient system for payroll operations. This factor drives the global payroll & HR solutions & services market

North America is expected to grow at the CAGR of 8% during the estimated period. The market witnesses a significant growth and holds a dominant share of the market during the forecast period

U.S and Canada are anticipated to drive the growth of the payroll & HR solutions & services market in North America owing to the presence of a large number of established key players, such as, Oracle Corporation, International Business Machines Corporation, NetSuite Inc., Workday Inc. etc.

Rising popularity of the software and the growing awareness among enterprises regarding the benefits of implementation of HR payroll software is driving the market growth across Europe

The payroll & HR solutions & services market is expected to register high market growth in Asia Pacific region during the forecast period. The growth in Asia Pacific region is due to increase in number of enterprises during forecast period.

A small and medium size enterprise dominates the global payroll & HR solutions & services market. According to WorldBank, small and medium size enterprises accounts for more than 90% in 2017.

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